Which of the following statements about Generally Accepted Accounting Principles (GAAP) is
NOT true?
A) GAAP is a set of rule-based accounting standards established by the Financial Accounting
Standards Board (FASB).
B) GAAP is complex, providing more than 150 pronouncements as to how to account for
different types of transactions.
C) GAAP sets out the standards, conventions, and rules that accountants must follow when
preparing audited financial statements.
D) All of the statements above are true.
Question 2
Which of the following statements about various types of surety bonds is true?
A) A judicial bond guarantees that a public official will faithfully perform his or her duties for the protection of the public.
B) A payment bond guarantees that the bonded person will appear in court.
C) A license and permit bond guarantees that the bonded party will comply with all the laws and regulations governing his or her activities.
D) A bid bond guarantees that the principal will complete a construction project on time.
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